(On this topic I deviate from RAW as presented in HoH:MC. The way transformation works for a Shapeshifter is almost the same as for a Heartbeast, except that he can still be detected as a transformed human and affected by Mentem magic even in animal shape. Muto effects do not carry over from human shape to animal, and vice versa, as well as making transformation more difficult.)
(Ok, I've statted the scaup and fixed the bear)
Prochorus suggests the following: Japik gives Proc gills in bear form and makes them both outlandish in size, and they go down together to see if they can tear through the planks. This is for safety reasons mainly - in case the teethymouthy is still in there, a monster bear and a monster dolphin should scare it or at least have a chance against it. They'll try to make the hole in the hull larger and try to push the crates out. Then net the crates and pull them up, maybe with Japik in human form and Proc's sponted protection against cold or some such.
Japik likes Prochorus idea and urges them to leave as soon as possible.
We might be able to make the hole bigger in monster size versions of our respective animals but our maneuverability inside the ship will be greatly hindered by it. I could change my flippers to arms when we are down there and need to start handling the crates more dexterously.
And another thing, Japik doesn't tell Prochorus about the tentacled beast until they are on the ship and on the way to the site. Not that he thinks Prochorus will be scared by it, he just doesn't think it's that important. It goes like this "By the way, I saw some strange-looking squid down there. It seemed to have a human face, but I guess it was only interested in the dead sailors and should be gone by now. But keep your eyes open just in case."
When Japik goes to inform Trond that he wants to go back the next day, the ship's captain tells him that there is a storm brewing and that it might not be wise to sail the next day. Nothing major, but they may have to delay their departure to the day after tomorrow. The Baltrum being a fairly small ship, it is best to avoid bad weather.
"A storm!? How bad can it be? We have been out in some of the worst storms and survived. But alright it's your call. Day after tomorrow be ready at first light."
He goes to inform Prochorus of the delay, very restlessly.
"Nasty things, storms."
Trond's information about the storm proves correct. The next day dawns windy and cloudy, remaining so until early afternoon when the storm hits. The island itself is spared the worst of the weather, but still gets heavy rain for a few hours. Still, this blows over quickly, leaving behind a clear sky and a very colorful sunset.
The following day, the Baltrum sails with its crew and the dou of magi. The crew is nervous about having the pair aboard -- Japik they are a bit more familiar with, but Prochorus feels starnge to Mikolaj, Stanislawj and Fearghas. Even Trond is not immuned to the combined effect of two Gifted masters. He tells Japik to sit with the other at the prow of the small knarr, out of the way of the crew, a bit more brusquely then the Bjornaer magus is used to.
After a day and a morning of sailing, the knarr reaches the place where the wreck lies. When Japik swims down in dolphin shape, he finds the ship gone from the placed it was leaning against the rocky outcrop. The only things he finds are a few broken planks half-buried in the sand.
"Looks like we have a rego specialist afoot. Damnation. We could have used the gear. "
Japik stands naked on the ship after just having shifted from his dolphin form. He looks out over the water with empty eyes then turns to Prochorus. "You're damn right. It's those bloody Waddenzee pirates." His eyes are burning with hatred.
Then he moves to the front of the ship and starts dressing. "Trond take us back to Meden." he shouts to the captain in a dark and bitter voice the crew haven't heard from him since they found out that the Bjornaer's birth village had been plundered.
The Baltrum turns around and head for Meden. The crew tries to avoids both magi as much as possible on the way home.
(This kind of concludes the story, although the magi may want to further discuss the implications of what they've seen, heard and learned.)
(Experience will be 5 xp for Japik, and 1 xp for Prochorus. This will be cumulative with story xp for the Wayward Inn story.)
Japik puts 5 xp in Swim.
Certainly fits. 
Where does Prochorus allocates the 1 xp he got from this story?
Survival
For camping out with the grogs? Ok.